Visa & Mastercard - Casinovator
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Posted on: 10 February, 2021

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Visa and Mastercard are by far the two most prominent financial institutions globally. You can find their credit, debit, gift, and prepaid cards in the wallets of over four billion users in every corner of the globe. These two companies have been arch-nemeses for more than five decades, constantly competing for new users, a large share of which are casino and sportsbook players.

Visa and Mastercard offer an unprecedented level of security, wide acceptance, flexible payment limits, and many other perks that are hugely important not only to casino and sportsbook players but all other users as well. Each company is home to over 20,000 employees that cater to the needs of consumers from over 200 countries.

Speed and Safety of Visa and Mastercard

Visa and Mastercard are financial institutions that have been regulated and licensed by the authorities in every single country they do business in.

For example, in the UK, the card companies have been licensed by the FCA and designated as regulated payment systems by HM Treasury, section 43 of FSBRA. In the USA, Mastercard and VISA are regulated by the Federal Government and sponsor banks. They are also founding members of the Payment Card Industry Data Security Standard group (PCI DSS) that pushed for industry-wide standards for safety and fraud prevention.

All transactions completed via Mastercard and Visa are instantaneous, so if you are making a casino or sportsbook payment, expect to have the funds in your playing account within minutes.

How Do Visa and Mastercard Work?

Visa and Mastercard are regularly mistaken for banks. In fact, they are financial institutions that collaborate with banks and offer their customers different credit, debit, prepaid, and other cards depending on their needs.

Most banks will offer you either a Mastercard or a Visa the moment you open an account. Through debit and credit cards from these financial institutions, you can access your funds at all times and use them at thousands of retailers and merchants offline and online.

Each card contains a unique card number at the front and a CVV/CVC code at the back to be inserted when making a payment.

There is no need for any particular registration with either Mastercard or Visa to get hold of their cards. Your bank is in charge of securing your card and linking your financial assets to it. Depending on your economic prowess, you can get hold of different types of cards from Visa and Mastercard. The more money you have and spend, the faster you can come in possession of platinum cards that entail multiple benefits for the users, including discounts at retailers, travel insurance, and others.

How to Use Visa and Mastercard to Make a Casino Payment?

Making a payment using either your Visa or Mastercard is a straightforward process. First of all, choose a reliable and legal online casino or sportsbook and sign up. Then, take the following steps to wire your payment:

  • Click on the Banking or Cashier section of your playing account.
  • Choose Visa or Mastercard from the list of available deposit methods.
  • Input the amount you wish to deposit.
  • Insert your card details, such as card number, CVV/CVC code, etc.
  • Verify the payment via your unique password, OTP, or whatever security measure you have in place.
  • Your deposit should arrive almost instantaneously.

Visa and Mastercard Security Systems

Speaking of safety and security, both Visa and Mastercard have developed proprietary security systems that protect users at all times. Visa’s Advanced Authorization system is an AI-powered anti-fraud detection system that monitors all your transactions in real-time and alerts you and the bank if any suspicious activity occurs.

Also, there is the Visa Secure system that protects all your online purchases and deposits in gambling sites. Through it, players are required to verify each transaction by using a PIN or a one-time code sent to their phone devices.

As for Mastercard, the situation is quite the same. This payment provider has a unique anti-fraud system called Mastercard ID Theft Protection™ that keeps a close eye on all your transactions and prevents identity theft attempts.

The latest encryption methods and the Mastercard SecureCode also play a pivotal role in protecting Mastercard users and making their transactions virtually impenetrable.

Each user creates their own private SecureCode — a password they need to enter to complete transactions and execute payments, thus giving it an extra layer of protection.

One of the latest security systems both Visa and Mastercard have incorporated is tokenisation. It is a technology that replaces sensitive account information, such as the card number, with a unique digital identifier called a token so that the online merchant, casino, or sportsbook can’t see your actual account number. The downside is that not all businesses accept this service, also known as Digital Secure Remote Payment (DSRP).

The final member of Visa and Mastercard’s safety net is the Zero Liability policy both companies abide by. This policy guarantees that you won’t be held responsible for the costs incurred if your cards get stolen or fraudulently used in online and offline transactions.

What Data Do Visa and Mastercard Collect?

Visa and Mastercard have robust privacy control systems and global policies that ensure the sensitive data they collect is never given to unauthorised third parties. The data these financial institutions collect include card transaction data and other financial and personal information from the payment card issuer and merchants needed to execute your payments successfully. As for personal information, these companies collect it if you want to participate in loyalty programs.

Doing Business With Visa and Mastercard

With billions of their cards in circulation, it is safe to say that almost all banks in the world do business with either Visa or Mastercard or both. Their revenue is measured in tens of billions of dollars. For example, Visa’s earnings in 2020 were $21.8 billion, accumulated from 140.8 billion transactions processed. Mastercard’s revenue in 2020 was $15.3 billion.

Safety measures, widespread acceptance, speed, and reliability separate Visa and Mastercard from other payment methods and position them at the top of the food chain.

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